Maybe it’s the location, the affordability, the modernity – but Woodlea has topped the charts as Melbourne’s fastest-selling new community.
And the new Rockbank estate came a close second as the fastest-selling new community in Australia in the September quarter, according to the National Land Survey Program (NLSP).
The NLSP research, undertaken by property consulting firm Charter Keck Cramer, compared 150 estates across Melbourne and found sales in Woodlea made up 16.2 per cent of all sales across the western corridor.
Earlier this month, pre-registrations for land lots at Woodlea reached capacity within 30 seconds of being offered, while another 75 blocks were sold a few days later.
Charter Keck Cramer national executive director Robert Papaleo said nearly all new estates across the west had smashed sale records.
“We’ve seen an average of 463 sales per calendar month in the September quarter, figures not seen since early 2010 when the market was being driven by very generous first-home buyer grants,” Mr Papaleo said.
“With a median lot price of $180,000 across the region and interest rates at historic low levels, lots are still affordable, which is driving sales back to record high levels.”
The research also found land in Melbourne sold faster than the Perth and south-east Queensland markets combined.
Melbourne also has the most affordable land when compared to Perth, south-east Queensland and Sydney. It’s $40,000 cheaper than Perth and south-east Queensland, and $200,000 cheaper than Sydney.
Woodlea project director Matthew Dean said more than 600 lots had been sold since Woodlea’s launch in late March.
“The results are in and it isn’t surprising that Woodlea is now considered the fastest-selling community in Melbourne’s west,” Mr Dean said. “Buyers are really responding strongly.”
He said a well-considered masterplan meant “amenities for all sorts of families, at an affordable entry point”.
Located 29 kilometres from the CBD, Woodlea will have a town centre with public square, supermarket, community services, bus interchange, walking and cycle paths, and sporting facilities.
The estate is expected to be home to up to 20,000 people when fully developed.
